Page 1728 - Business Finance
Saudi Arabia seeks to more than triple mining revenue by 2030: minister
CAIRO (Reuters) - Saudi Arabia aims to raise the contribution of the mining industry to the economy to $64 billion from $17 billion by 2030, Energy Minister Khalid al-Falih said on Monday.
Danesh Mistry to head Tata Assest Management's PMS division
Tata Asset Management Monday said it has appointed Danesh Mistry as head of portfolio management services in order to strengthen the division, which will focus on a niche segment of clients through tailor-made portfolios. Mistry, who until now, managed multiple equity mutual fund schemes, is mandated to build the portfolio management services (PMS) vertical. He is now designated as head of PMS, Tata Asset Management said in a statement. He has over 16 years of experience spread across fund management, equity research, mortgages and investment banking including private equity and capital markets. Mistry has been with Tata Asset Management for over nine years in the investment team starting as a research analyst and now fund manager. Prior to joining the fund house, Mistry has worked with HDFC and ENAM Securities. Established in 1994, Tata Asset Management is an asset management company with branches across 72 locations.
OBC vaults on plan to divest stake in JV
Oriental Bank of Commerce rose 1.15% to Rs 88.30 at 15:06 IST on BSE after the bank announced its intention to divest its stake in its joint venture at an appropriate time.
Reliance Capital Ltd leads losers in 'A' group
Jindal Steel & Power Ltd, Yes Bank Ltd, Welspun Corp Ltd and Shriram Transport Finance Company Ltd are among the other losers in the BSE's 'A' group today, 26 November 2018.
Euro zone lost some growth momentum but oil prices help: ECB
FRANKFURT (Reuters) - The euro zone has lost some growth momentum and headwinds are becoming increasingly noticeable but the recent fall in oil prices is positive for growth, European Central Bank chief economist Peter Praet said on Monday.
OLX to expand used car business offline, eyes 150 outlets by 2021
Online marketplace for pre-owned goods, OLX, Monday announced offline expansion of its used car business with plan to set up 150 outlets in 40 cities across India by 2021. The company, which has been running a pilot in six top cities in the country with around 30 outlets, is now accelerating the business under 'OLX Cash My Car' chain in partnership with Berlin-based Frontier Car Group (FCG). OLX India Vice-President and Head of OLX Cash My Car, Amit Kumar, said with the used car market growing at 15-16 per cent annually, the company is very bullish on its new offline business for pre-owned vehicles. "Our plan is to expand OLX Cash My Car in top 40 cities in India with about 150 outlets by 2021," he said. At present, there are 27 OLX Cash My Car stores in the capital, Gurgaon, Faridabad, Noida, Ghaziabad, Bangalore, Mumbai, Hyderabad, Pune, and Chennai. He said the offline expansion the will be done in partnership with FGC, in which South Africa's technology investor Naspers is also a .
Cochin Shipyard gains after announcing buyback details
Cochin Shipyard surged 3.14% to Rs 389 at 14:50 IST on BSE after the company announced that its proposed buyback of shares will open on 28 November 2018 and close on 11 December 2018.
Mitsubishi Motors ousts Ghosn as chairman, follows Nissan's footsteps
TOKYO (Reuters) - Mitsubishi Motors Corp said on Monday its board removed Carlos Ghosn from his role as chairman, following his arrest and ouster from alliance partner Nissan Motor Co last week for alleged financial misconduct.
Toys 'R' Us Asia separates from U.S. parent: Will it succeed in India?
Singapore [Singapore], Nov 26 (ANI): Last week, in the air-conditioned comfort of one of the numerous luxurious malls in hot and humid Singapore, an overhead conversation between a Singaporean and her American friend went like this: "What is the best place to shop for toys for Christmas in Singapore?" "Why, it has to be Toys "R" Us!" said the Singaporean. The startled American exclaimed, "Didn't Toys "R" Us close all its stores?"Not in Asia.For a small island of 600 square kilometres, there are eleven Toys "R" Us stores in Singapore; four just opened in the last year. The National Capital Territory of Delhi is two and a half times in size and has three times as many people as Singapore.China has more than 150 stores with plans to open another 30 within months. In Japan, business for the iconic toy store, which opened its first store in Washington, DC in 1957, is thriving with over 160 stores and a per store sales value 50-100 per cent higher than in the US. The Babies "R" Us brand is .
Karnataka CM seeks PM's intervention on iron ore import
Karnataka Chief Minister H D Kumaraswamy has written a letter to Prime Minister Narendra Modi, seeking intervention in iron import and increase basic customs duty on the mineral. In the letter, the CM said Karnataka was third-largest producer of iron ore a key raw material used in steel making and the steel producers are importing the ore at a time when the country is facing a large trade deficit. "The status of Karnataka iron ore is unique with the Supreme Court capping the annual production and restricting the sale among end-users only through e-auction, the letter dater November 19 said. "This has led to a situation where a huge quantity put up for sale on e-auction platform remains unsold. We see steel companies are importing a huge quantity of iron ore...when the country is facing large trade deficit," it said. Seeking the PM's intervention, Kumaraswamy said he requests to suitably raise the import duty on iron ore and pellets. The "very low" import duty of 2.5 per cent ...
Venus Remedies Ltd leads losers in 'B' group
Kanani Industries Ltd, Vijay Shanthi Builders Ltd, Sterling Tools Ltd and Cords Cable Industries Ltd are among the other losers in the BSE's 'B' group today, 26 November 2018.
Volumes spurt at FDC Ltd counter
FDC Ltd registered volume of 11 lakh shares by 14:14 IST on NSE, a 43.43 fold spurt over two-week average daily volume of 25322 shares
Water management to play key role in India's economic growth: Kant
Water needs to be priced well as India's economic growth will be determined by how the country manages and recycles its water, Niti Aayog CEO Amitabh Kant said Monday. Kant further stated that 30 per cent of urban and 70 per cent of rural water comes from groundwater, which is depleting rapidly. "There is sheer shortage of water... Water needs to be priced well. If not, then people won't understand the value of water," Kant said while addressing a 'capacity building programme on management of water' here. "India's economic growth will be determined by how we manage and recycle water," he added. Noting that 75 per cent household don't have drinking water in their premises, Kant said, "India's water recycling capacity is only 30 per cent." Speaking at the same event, Ministry of Drinking Water and Sanitation secretary Parameswaran Iyer said that India should learn water management from Singapore and Israel. Stating that water is a state subject in India, which makes cooperation and ...
Barometers hit fresh intraday high
Key indices extended gains and hit fresh intraday high in mid-afternoon trade, tracking a strong opening in European market. At 14:18 IST, the barometer index, the S&P BSE Sensex, was up 297.70 points or 0.85% at 35,278.72. The Nifty 50 index was up 78.55 points or 0.75% at 10,605.30. Gains were supported by a sharp decline in crude oil prices. The Sensex was currently trading above the psychological 35,000 mark after gyrating above and below that level in intraday trade.
Sensex up 240 points, Nifty inches close to 10,600
Firm Asian markets and a declining global crude oil prices aided the S&P BSE Sensex recover from initial losses as it traded 240 points higher during the afternoon session of trade on Monday.
Kuroda voices confidence BOJ can shrink balance sheet smoothly
TOKYO (Reuters) - Bank of Japan Governor Haruhiko Kuroda voiced confidence on Monday that the central bank can shrink its balance sheet at an appropriate pace without disrupting markets, when it exits ultra-loose monetary policy.
NTPC Ltd eases for fifth straight session
The stock is quoting at Rs 143.9, down 1.44% on the day as on 13:19 IST on the NSE. NTPC Ltd tumbled 22.78% in last one year as compared to a 1.5% rally in NIFTY and a 3.43% fall in the Nifty Energy index.
Weak market breadth
Stocks regained strength in afternoon trade amid volatility on buying demand in index pivotals. At 13:22 IST, the barometer index, the S&P BSE Sensex, was up 143.74 points or 0.41% at 35,124.76. The Nifty 50 index was up 32.15 points or 0.31% at 10,558.90. Gains were supported by a sharp decline in crude oil prices. The Sensex was currently trading above the psychological 35,000 mark after gyrating above and below that level in intraday trade.
China's steel slides into bear market; iron ore, coal hit by selloff
MANILA (Reuters) - China's steel prices tumbled more than 5 percent to a five-month low on Monday as persistent worries over weaker demand pushed the sector into a bear market, sparking a selloff in raw materials iron ore and coking coal.